[SCHEDULE 13G] 3 E Network Technology Group Ltd SEC Filing

Rhea-AI Filing Summary

Absci Corporation (NASDAQ: ABSI) is issuing 16.67 million new common shares at $3.00 each via a Rule 424(b)(5) prospectus supplement, generating gross proceeds of $50.0 million. After deducting $3.0 million in underwriting fees (6%) and roughly $0.35 million in expenses, estimated net proceeds total $46.7 million. Underwriters—Morgan Stanley, J.P. Morgan, Jefferies and TD Cowen—hold a 30-day option for an additional 2.50 million shares that could lift net proceeds to about $53.7 million.

The offering will expand outstanding shares from 127.5 million (31 Mar 25) to 144.2 million (or 146.7 million if the option is exercised), an immediate increase of roughly 13% in share count. As-adjusted tangible book value per share rises from $1.21 to $1.40, leaving new investors with $1.60 per-share dilution versus the $3.00 purchase price. The deal is priced at an 8% discount to the 23 Jul 25 closing price of $3.52.

Management intends to deploy the cash to advance internal antibody programs (ABS-101, ABS-201), enhance its AI-driven Integrated Drug Creation™ platform, and for general corporate purposes, with flexibility to pursue complementary acquisitions. Preliminary, unaudited liquidity was $117.5 million in cash and investments as of 30 Jun 25; the raise meaningfully extends runway toward key clinical milestones expected in 2026. Absci remains a “smaller reporting company” and flags typical biotechnology and capital-markets risks, including potential share-price pressure from the enlarged float.

Positive

• Strengthens liquidity: adds ~$46.7 m in net cash to preliminary $117.5 m balance.
• Supports pipeline: funds ABS-101 Phase 1/2 and ABS-201 IND, de-risking near-term milestones.
• High-quality syndicate: Morgan Stanley, J.P. Morgan, Jefferies, TD Cowen lead the deal, indicating institutional support.

Negative

• Immediate dilution: share count rises ~13% (up to 15% with option); $1.60 per-share dilution to new buyers.
• Discounted pricing: $3.00 offer price is 8% below last close, signalling limited pricing power.
• Ongoing execution risk: proceeds earmarked for early-stage programs with no proof-of-concept yet.

Insights

Biotechnology Equity Analyst

TL;DR: Capital raise bolsters cash but adds 13% dilution; neutral near-term share impact.

The $46.7 million net raise, added to the preliminary $117.5 million cash figure, should fund Absci through Phase 1/1b-2a data for ABS-101 and IND submission for ABS-201, reducing financing risk in 2025-26. Pricing at $3.00 is only modestly below market and uses top-tier underwriters, signalling reasonable demand. However, the 17-19 million incremental shares (including the green-shoe) create notable dilution and potential stock overhang, especially given the company’s sub-$500 million market cap. Strategic use of proceeds into proprietary programs could unlock value if early clinical data are positive, yet execution and biotech market sentiment remain key. Overall, the transaction is funding-positive but valuation-neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

3 E Network Technology Group Ltd.

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

000000000

(CUSIP Number)

06/09/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 000000000

1

Names of Reporting Persons

L1 Capital Global Opportunities Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,248,611.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,248,611.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,248,611.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: 3 E Network Technology Group Ltd.
(b)	Address of issuer's principal executive offices: Unit 1904, 19/F., Podium Plaza., 5 Hanoi Road, Tsim Sha Tsui, Kowloon, Hong Kong
Item 2.
(a)	Name of person filing: L1 Capital Global Opportunities Master Fund, Ltd.
(b)	Address or principal business office or, if none, residence: 161A Shedden Road, 1 Artillery Court, PO Box 10085 Grand Cayman, Cayman Islands KY1-1001
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: 000000000
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,248,611 The amounts in Row (5), (7) and (9) represent 1,248,611 Class A Ordinary Shares. The amounts do not include (i) additional Class A Ordinary Shares issuable upon conversion of a Senior Secured 8% Original Issue Discount Convertible Promissory Note issued on June 9, 2025, which is subject to a 9.99% beneficial ownership limitation (ii) 279,739 Class A Ordinary Shares issuable upon exercise of warrants, which are subject to a 4.99% beneficial ownership limitation and are subject to potential upward adjustment pursuant to anti-dilution price protection provisions and (iii) an additional 213,389 Class A Ordinary Shares issuable upon exercise of pre-funded warrants, which are subject to a 9.99% beneficial ownership limitation. The percentage set forth on Row (11) of the cover page for the reporting person is based on 12,498,611 Class A Ordinary Shares outstanding as of June 24, 2025, based on the Issuer's Registration Statement on Form F-1 filed with the Securities and Exchange Commission on June 24, 2025. David Feldman and Joel Arber are the Directors of L1 Capital Global Opportunities Master Fund, Ltd. As such, L1 Capital Global Opportunities Master Fund, Ltd., Mr. Feldman, and Mr. Arber may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) the issuer's securities described herein. To the extent Mr. Feldman and Mr. Arber are deemed to beneficially own such securities, Mr. Feldman and Mr. Arber disclaim beneficial ownership of these securities for all other purposes.
(b)	Percent of class: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,248,611
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,248,611
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

L1 Capital Global Opportunities Master Fund, Ltd.

Signature:	/s/ David Feldman
Name/Title:	David Feldman, Director
Date:	07/25/2025

FAQ

How much capital will ABSI raise in this offering?

Gross proceeds are $50.0 million; net proceeds after fees are estimated at $46.7 million (up to $53.7 million with the underwriters’ option).

What is the impact on Absci’s share count and dilution?

Shares outstanding increase from 127.5 m to 144.2 m (146.7 m if the option is exercised), causing $1.60 per-share dilution.

How will Absci use the net proceeds?

Funds will advance internal programs ABS-101 & ABS-201, enhance the Integrated Drug Creation™ platform, and cover general corporate needs.

What is Absci’s cash position after the raise?

Pre-offering cash was $117.5 m (30 Jun 25). Adding net proceeds brings pro-forma liquidity to roughly $164 m (or $171 m with full option).

Who are the underwriters and what is their fee?

Morgan Stanley, J.P. Morgan, Jefferies and TD Cowen earn a $0.18 per-share fee, totaling $3.0 m (or $3.5 m with option).